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Sunrise swings to profit in the fourth quarter

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Sunrise Senior Living reported a $10.4 million profit in the fourth quarter, compared with a $305.6 million loss during the prior year.

The company realized a $48.9 million gain from the sale of 21 communities. In addition, the company’s operating expenses dropped, and it recorded a $121.8 million impairment charge in its North American business segment during the fourth quarter of 2008.

Revenue of comparable communities decreased 1.6 percent to $517 million. Average unit occupancy of the communities was down to 86.5 percent, compared with 90 percent during the fourth quarter of 2008.

Currently, Sunrise operates 374 senior-living communities in the U.S., United Kingdom, Canada and Germany.

For the year, Sunrise reduced its loss to $133.5 million, compared with a loss of $444.1 million during the fourth quarter of 2008.


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